Data extraction tools are designed to collect structured, semi-structured, or unstructured data. The extracted data is stored and used for data analysis.
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Data extraction is the process of collecting data from multiple sources. Data extraction tools are designed to collect structured, semi-structured, or unstructured data. The extracted data is stored and used for data analysis.
OCR software is an example of a data extraction tool for structured data. If the data is semi-structured or unstructured, then the data extraction tool needs to convert it into a structured format. Intelligent Document Processing systems and web scraping software are examples of data extraction tools that detect and convert unstructured data.
OCR software extracts text from scanned documents or images. It scans those files for recognizable text. The software extracts any readable text and converts it into a searchable file.
Intelligent Document Processing systems use OCR software and machine learning tools to scan, categorize, extract, and analyze data from semi-structured or unstructured documents. IDP systems take that data and integrate it into workflow automations.
Web scraping software extracts unstructured data from web pages. The collected data is converted into structured format and stored in a file. This data can then be analyzed or integrated into existing workflows.
Data extraction tools include the following identifiable features:
Recognition of structured, semi-structured, or unstructured data
Automated data collection from multiple sources
Organization of data into a structured format
The ability to export data into desired file format
When comparing data extraction tools, consider the following factors:
Data Structure: The price and included features of data extraction tools are influenced by data structure. Unstructured or semi-structured data require more complex data extraction tools.
Data Source: If you are considering using a data extraction tool for your business, you should evaluate the data source. Data extraction tools are designed to collect data from very specific sources.
Data Volume: If your business needs to collect a substantial amount of data, you should look for products that offer batch processing. This allows you to extract a large volume of data all at once.
The cost of data extraction tools depends on the data structure and source. OCR software and web scraping software vendors charge a monthly subscription fee. IDP system vendors charge an initial setup and training fee. They may also charge an annual or monthly subscription fee based on how many documents are uploaded into the system. You should contact vendors to determine the cost of data extraction tools.
